WebUnder the CARES Act, a PPP borrower can only use the loan proceeds for: (1) payroll costs; (2) costs related to the continuation of group health care benefits during the periods of paid sick, medical, or family leave and insurance premiums; (3) employee salaries, commissions, or similar compensations; (4) payments of interest on any mortgage … WebAn SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2024. Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers additional COVID-19 relief. First Draw PPP loan
Treasury Issues New FAQs On PPP Loan Forgiveness: What You
WebUtility payments 5. Interest payments on any other debt obligations that were incurred before February 15, 2024 ... trash removal, sewage, transportation, etc. (in addition to water and electricity) Q: Do PPP loans cover paid sick leave? A: Yes. PPP loans covers payroll costs, including costs for employee vacation, parental, family, medical ... WebJul 30, 2024 · PPP Loan Forgiveness Application Form 3508S Revised July . 30, 2024 A B ORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN O F $150,000 OR LESS . Business Legal Name (“Borrower”) DBA or Tradename, if applicable Business Address NAICS Code Business TIN (EIN, SSN, ITIN) Business Phone ( ) - allstate insurance mocksville nc
So You Finally Got Your PPP Money. Now What?
WebJan 26, 2024 · For the mortgage, rent, and utility payments to qualify, the loan, lease, or service must have begun before February 15, 2024. There are also several exclusions to PPP loan forgiveness. If you use the money for the following, those amounts won’t be forgiven: Prepaid mortgage interest or rent. WebThe Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and WebJul 30, 2024 · Notice: The Paycheck Protection Program (PPP) ended on May 31, 2024. Existing borrowers may be eligible for PPP loan forgiveness. A borrower may use this form only if the borrower received a PPP loan of $150,000 or less. Download .pdf File size: 373KB Effective : July 30, 2024 Owned by : Office of Capital Access OMB Control Number : 3245 … allstate insurance mississauga